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WB Decision on Padma Loan

Govt may go for compromise move

Efforts for alternative ways continue; govt to brief dev partners on its stance

Rejaul Karim Byron
The government may send a high-profile team with new compromise proposals to the World Bank headquarters to make the bank reconsider its cancellation of the Padma bridge loan, said a finance ministryofficial.
The government has called a special meeting of the Local Consultative Group (LCG) on July 9 to clarify the government's
position on this issue to its development partners.
The government is also considering alternative ways to arrange funding for the project.
The global lender on June 29 cancelled its $1.2 billion credit for the project claiming to have proof of a corruption conspiracy involving Bangladeshi officials, executives of a Canadian firm and private individuals.
The WB's decision to cancel the credit
SEE PAGE 19 COL 2 FROM PAGE 1 has thrown the project into uncertainty.
Speaking in parliament on July 2, the finance minister urged the Washingtonbased lender to review its decision, and said, “We hope to reopen our dialogue with the new WB leadership shortly on this issue.”
The finance ministry has been preparing a letter to send it to the new WB President Jim Yong Kim. English transcripts of the finance minister's recent statements, including the one in parliament, on this issue will be attached to the letter.
Preferring anonymity, a finance ministry official said the letter may contain some new proposals that involve issues on which the government and the WB could not reach a consensus.
Another official said before the government places its proposals, it wants to make sure that the WB will review its decision after receiving the proposals.
Bangladesh's representatives in the WB headquarters are holding talks with the bank’s high-ups on this matter.
The official said a high-profile team will carry the letter to the WB headquarters on behalf of the finance minister. Board of Investment Executive Chairman SA Samad is likely to lead the team.
In an interview with BBC radio on Tuesday, Muhith said he would write to the new WB president and inform him about the steps the government had taken over the corruption allegations.
Asked what action would be taken against those allegedly involved in corruption in the project, Muhith said, “I have told you about my last step. If I am convinced [that the WB will finance the project if the accused officials are sent on leave) I will send them on leave”.
One of the three WB conditions was that the government send all accused officials on leave.
A high-up at Economic Relations Division said the government had called an LCG meeting on July 9. The meeting's main purpose is to clarify the government's position to the development partners over the Padma bridge project.
UN Resident Coordinator and LCG co-chair Neal Walker will represent the development partners while ERD Secretary Iqbal | Mahmood will represent the
Bangladesh side.
Another official said the finance minister may attend the meeting.
The ERD official said the WB in its statement on June 29 raised corruption allegations against high-level government officials. It may leave a negative impression about Bangladesh among the donors and adversely affect their relations with Bangladesh.
A finance ministry official said if the government fails to convince the WB to change its decision, it will consider alternative ways to arrange funding of the project.
Possible alternatives for funding were discussed at a high-level meeting on Tuesday with Prime Minister Sheikh Hasina in the chair.
“The alternatives include taking out a large amount of money -- say around Tk 5,000 crore -- of the current fiscal year's budget.”
Besides, the government may request Asian Development Bank, Japan International Cooperation Agency and Islamic Development Bank to raise credits for the project.
The three development partners' total commitment is $1.15 billion. The government may request them to provide an additional $600 million to $800 million, said the official.
Moreover, the government considers issuing sovereign bonds, special bonds for non-resident Bangladeshis, local bonds, and imposing surcharge on mobile phone bills for arranging funds for the project.
Bangladesh Bank Governor Atiur Rahman said the government should leave the door open to the project's co-financiers so that they can participate in a new financial arrangement for the project, according to a source present at the meeting.
The finance minister on July 2 told the House that the government would start the project's work this fiscal year.